Metaverse Market to Grow by $188.24 Billion thru 2026
The metaverse market in the travel and tourism industry size is set to grow by USD 188.24 billion from 2021 to 2026 at a CAGR of 26.01%, according to Technavio. 37% of the growth will originate from North America. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Request a Free Sample Report.
The growing demand for AR and VR technologies is one of the main factors boosting the metaverse market in the travel and tourism sector. Customers are embracing VR and AR technologies more and more, whether for personal or business use. Unlike typical VR programs, Metaverse is a hybrid reality (combination of AR/VR) offering unrestricted access.
During the projection period, technological advancements will further fuel demand for AR and VR apps since these applications will make it easier for people to use the technology. Platforms for wearable technology will probably increase the use of augmented reality in the worldwide metaverse market for the travel and tourism sector. Download a Free Sample Report.
Metaverse Market 2022-2026: Challenges
During the projection period, the metaverse market in the travel and tourism industry will face significant challenges related to privacy and security. Although businesses and organizations continue to innovate their IT security systems, users of the metaverse have long been concerned about data privacy and security.
The metaverse gathers and analyses enormous volumes of data about users and their surroundings. As a result, privacy issues pose a serious problem for the travel and tourism sector in the global metaverse market.
The development of the market is anticipated to be fueled by elements including the introduction of new products and the increasing use of augmented reality in various applications, including the metaverse. During the projection period, the segment's growth will be driven by the growing applications of AR to enhance local transit and the growing use of AR-infused navigation for technological destination tours.
North America will account for 37% of market growth. The main markets for metaverse in the travel and tourist sector in North America are the US and Canada. The market in this region will grow more quickly than the markets in South America and the Middle East and Africa.
The travel and tourism industry in North America will benefit from growing investments in augmented reality technology from major vendors, rising consumer adoption of technologically sophisticated applications, and active research into expanding the use of the metaverse.
